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OLDWICK, N.J., June 15, 2004 A.M. Best Co. has downgraded the financial strength rating to B+ (Very Good) from A- (Excellent) of Coregis Insurance Company (South Bend, IN). The outlook is being revised to stable from negative. This rating action was taken following the execution of an intercompany loan from Coregis to its parent, GE… Continue reading A.M. Best Downgrades Rating of Coregis Insurance Company and Revises Outlook to Stable

Providence Washington Insurance Companies is shutting down after more than two centuries, a victim of financial losses, an inability to raise capital and failure to find a buyer. The Providence, R.I.-based company’s existing policies will remain in place for now, but no policies will be renewed and no new business will be written. In addition,… Continue reading After 205 Years, R.I.-Based Providence Washington to Close Its Doors

OLDWICK, N.J. (BestWire) – A.M. Best Co. has downgraded the financial strength rating to A- (Excellent) from A+ (Superior) of Union Fidelity Life Insurance Co. (Richmond, Va.) . A.M. Best has also downgraded the financial strength rating to A- (Excellent) from A (Excellent) of Heritage Life Insurance Co. (Richmond, Va.). Both companies are indirect, wholly… Continue reading A.M. BEST DOWNGRADES RATINGS OF UNION FIDELITY, HERITAGE INSURANCE COMPANIES

NU Online News Service, May 27, 3:50 p.m. EDT—Moody’s Investors Service has downgraded various ratings of Swiss Reinsurance Company and its subsidiaries by one notch, citing several challenges facing the reinsurer including the non-life reinsurance cycle reaching its cyclical peak. The ratings actions included the downgrade of Swiss Re’s insurance financial strength and senior debt… Continue reading Moody’s Downgrades Swiss Re; Outlook Stable

New York, May 18, 2004 — Moody’s Investors Service has lowered and will withdraw its ratings on Acceptance Insurance Companies Inc. and related subsidiaries. During the fourth quarter of 2002, the company suspended the dividend payments on its trust preferred securities (rated C prior to withdrawal). The company’s two insurance operating subsidiaries are under regulatory… Continue reading Moody’s Lowers and Will Withdraw Ratings on Acceptance Insurance Companies

Fitch Ratings-Chicago-May 4, 2004: Fitch Ratings has downgraded its senior debt rating on Harleysville Group Inc. (HGIC) to ‘BBB-‘ from ‘BBB.’ In addition, Fitch has downgraded its insurer financial strength (IFS) rating on the Harleysville inter-company pool (Harleysville) to ‘A-‘ from ‘A’. The Rating Outlook is Stable. Fitch’s rating actions reflect HGIC’s recent underwriting performance… Continue reading Fitch Dwngrs Harleysville’s Sr Notes to ‘BBB-‘; IFS to ‘A-‘

Fitch Ratings-Chicago-May 3, 2004: Fitch Ratings today affirmed the ‘BBB-‘ insurer financial strength (IFS) ratings of the Atlantic Mutual Companies (AMC) and downgraded Atlantic Mutual Insurance Company’s surplus note rating to ‘B+’ from ‘BB-‘. In addition, all ratings have been removed from Rating Watch Negative. A complete list of companies and ratings appears below. The… Continue reading Fitch Affirms Atlantic Mutual’s ‘BBB-‘ IFS Rtgs, Downgrades Notes

Standard & Poor’s Ratings Services has lowered its counterparty credit and financial strength ratings on Atlantic Mutual Insurance Co., Centennial Insurance Co., and Atlantic Lloyds Insurance Co. of Texas (collectively referred to as Atlantic Mutual) to ‘BB+’ from ‘BBB’. Standard & Poor’s also lowered its surplus note rating on Atlantic Mutual Insurance Co. to ‘B+’… Continue reading S&P Downgrades Atlantic Mutual; Cites Need for Continued Support from Agents

NU Online News Service, April 7, 3:17 p.m. EDT—Moody’s Investors Service announced today it has downgraded various ratings of Harleysville, Pa.-based Harleysville Group Inc. because of the insurer’s poor 2003 financial results. The ratings affected by Moody’s action include insurance financial strength ratings of Harleysville Group’s intercompany pool members, which were dropped to “A3” from… Continue reading Moody’s Downgrades Harleysville

Fitch Ratings-Chicago-April 1, 2004: As signaled last year, Fitch Ratings today downgraded and removed from Rating Watch Negative its ratings on CIGNA Corporation (CIGNA) and its lead operating subsidiary, Connecticut General Life Insurance Company (CG Life). At the same time, Fitch has affirmed CIGNA’s ‘F2’ commercial paper rating. The rating action affects approximately $1.5 billion… Continue reading Fitch Ratings Downgrades CIGNA’s Ratings; Removes Rtg Watch Negative